Printer Friendly

PORT OF SEATTLE $21 MILLION REVENUE REFUNDING BONDS 'AA-' BY FITCH -- FITCH FINANCIAL WIRE --

 NEW YORK, Nov. 22 /PRNewswire/ -- The Port of Seattle's $21 million junior lien revenue refunding bonds, series 1993C are rated "AA-" by Fitch. The $368 million outstanding parity "AA-" junior lien revenue bonds are affirmed. Series 1993C will refund the port's outstanding series 1969A and series 1984 senior lien revenue bonds. The $100 million outstanding "AA" senior lien bonds also are affirmed. The credit trend for the port's revenue bonds remains stable. The 1993C bonds were offered through negotiated sale by a syndicate led by Lehman Brothers on Nov. 10, 1993.
 The foundation for the ratings is the diversity of the port's revenue sources, which are derived from the marine port terminals (40 percent), Sea-Tac International Airport (60 percent), and an ad valorem tax levy in King County. These three solid revenue sources lend resiliency to the port's ability to service its revenue debt as exhibited by its historical aggregate debt service coverage of between 2.37x and 1.96x over the past four fiscal years.
 Sea-Tac's strengths include its chiefly origination and destination (O&D) air service (70 percent) to a strong local economy, the absence of any one airline with a dominant market share, and no comparable airports within convenient driving distance. These strengths are counterbalanced by residual use and lease agreement with the airlines that inherently limit the port's upside revenue potential from airport operations as well as requiring majority-in-interest approval from the signatory airlines for major projects.
 The Marine Division's strengths include its proximity to the Pacific Rim, its naturally deep harbors, which need little costly dredging, its extensive trans-shipment facilities, and relatively uncongested distribution capabilities and sophisticated electronic data information systems. Offsetting these advantages are the marine division's vulnerability to its nearby competitor, the Port of Tacoma, as well as other West Coast ports, and its dependence on five foreign countries for approximately 85 percent of its trade.
 -0- 11/22/93
 /CONTACT: Andrea R. Bozzo at Fitch, 212-908-0515/


CO: ST: Washington IN: SU: RTR

LG -- NY025 -- 6721 11/22/93 09:45 EST
COPYRIGHT 1993 PR Newswire Association LLC
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 1993 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback
Publication:PR Newswire
Date:Nov 22, 1993
Words:339
Previous Article:'NETWORK WORLD' HONORS EIGHT COMPANIES FOR COMPETITIVE ADVANTAGE GAINED WITH NETWORK TECHNOLOGY
Next Article:SEARS 'HOME FOR THE HOLIDAYS' WITH 'HOME ALONE' BLOCKBUSTER

Terms of use | Copyright © 2017 Farlex, Inc. | Feedback | For webmasters